Binance Holdings Ltd. investment agreement worth $ 200 million with Forbes becoming volatile after plans to make an appearance on the stock exchange through SPAC had met with failure, said CEO Changpeng Zhao or better known as CZ.
SPAC, or Special Purpose Acquisition Company is a company established solely for the purpose of raising capital through an IPO.
However, Zhao stressed that his company is still interested in pursuing the deal but did not disclose how the terms and conditions will change.
In an interview with Bloomberg TV, Zhao said the deal had ‘changed’, but was confident it was still under discussion.
A year ago, Forbes had planned to make an appearance on the New York Stock Exchange (NYSE) through a merger with firm Magnum Opus Acquisition Ltd.
Yet on June 1 recently, it announced that the deal had been rescinded because investors voted against it.
Binance is supposed to invest $ 200 million as part of its strategic investment and will also make it one of the major investors in the media firm.
In addition to Forbes, Binance also once promised to invest around $ 500 million in Elon Musk’s $ 44 billion Twitter purchase deal.
